Higgins: $2.8 million+ Federal Home Loan Bank awards support access to affordable housing in WNY

Congressman Brian Higgins announced more than $2.8 million in funding made available through the Federal Home Loan Bank of New York toward the development of affordable housing in Western New York.

“Thriving communities require access to quality, affordable housing,” he said. “These Federal Home Loan Bank awards will go a long way in supporting local projects that are providing safe, affordable home options for families and seniors.”

The following local projects will receive awards:

•Westminster Commons: Construction began in October 2019 on Westminster Commons, which will receive $621,969 in Federal Home Loan Bank funding. Located on Monroe Street in Buffalo, this $22.8-million project led by Buffalo Federation of Neighborhood Centers will build 84 affordable homes with supportive services for seniors. Federal and state historic tax credits will also be incorporated into this project, which includes the repurposing of Westminster Settlement House, built in 1893, into a community service facility.

•Elmwood Crossing: Located at the site of the former Women & Children’s Hospital of Buffalo, People Inc. will oversee a project developing 44 residential units for low- and very-low-income seniors, individuals with disabilities, and those facing homelessness. The $15 million project will receive $401,236 through the Federal Home Loan Bank, as well as additional federal resources through Historic and Low-Income Housing Tax Credits.

“We are so excited to be involved with this redevelopment project on the site of the former Women and Children’s Hospital of Buffalo and are eager to have our tenants experience living in the urban environment of the Elmwood Village in an affordable way,” said Rhonda Frederick, president and CEO at People Inc. “Through state funding and the Federal Home Loan Bank Award, People Inc. will be able to renovate one of the Hodge Street buildings on this pivotal property to create 44 new, mixed-income apartments for older adults. We are grateful for our funding sources, local partners, community groups and elected officials – like Congressman Brian Higgins – who help People Inc. continue to bring affordable and safe housing opportunities to locations across Western New York.”

•Buffalo Neighborhood Renewal: Habitat for Humanity of Buffalo will receive $300,000 through the Federal Home Loan Bank for the construction of 10 single-family homes in the City of Buffalo. The new or rehabilitated homes are sold to low-income families, who are required to participate in construction of the homes and attend budgeting and first-time homebuyer classes.

“As a bank for communities, we know we need to help our customers and communities see it through this difficult year,” said Katie O’Connor, regional CRA officer for M&T Bank. “This support has taken on many forms, including joining with the FHLBNY and our housing partners to create more affordable housing opportunities in Western New York. Nonprofit organizations like Habitat for Humanity play an important role in providing support to the individuals and families struggling in our communities, and we’re delighted to help secure grant funding for an additional 10 single-family homes in the City of Buffalo.”

•Jewish Federation Apartments: The Federal Home Loan Bank will provide $1.5 million toward the renovation of 153 apartments located on Essjay Road in Amherst. The complex, which provides affordable housing for seniors, is undergoing an $18.1 million renovation.

The Federal Home Loan Bank System’s Affordable Housing Program, created by Congress in 1989, provides member community lenders with direct subsidies, which are passed on to qualified households through a sponsoring local nonprofit organization. AHP financing is combined with other funding sources to create housing for moderate and low-income families. Program awardees receive this funding through semiannual competitive rounds. Each competing project must be sponsored by a financial organization that is a member of the Federal Home Loan Bank in partnership with a community-based sponsoring organization.